Iraq Stock Market Report

Rabee Securities Iraq stock exchange (ISX) market report (trading week ending: 18th April 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 3.5 bn shares of Al Mustashar Islamic Bank (BMUI) on Apr. 17, valued at IQD3.5 bn and corresponding to 1.4% of BMUI's capital.
• A delegation from Iraq, led by Minister of Planning Mohammed Tameem, met with a delegation from the US government, headed by Secretary of State Antony J. Blinken, in the High-Level Coordination Committee. According to a statement issued after the meeting, the International Finance Corporation (IFC), will provide a $50 mn loan to the National Bank of Iraq (BNOI) in support of private sector development in Iraq. (Iraq Business News)
• In a statement, the Ministry of Finance (MoF) called on all individuals, banks, and companies who purchased Binaa bonds (first issue) in the denomination of IQD1.0 mn, and Emaar bonds (first issue) in the denominations of IQD500,000 and IQD1.0 mn, to review the bank branches from which the bonds were purchased, to receive the semi-annual interest amounts due on the purchase. (NINA)
• Following approval from the Central Bank of Iraq (CBI), the KRG has announced that the Bank of Baghdad (BBOB) will join its 'MyAccount' financial inclusion initiative. (Iraq Business News)
• The CBI has said it will issue a new series of bonds on behalf of the Ministry of Finance. The "Injaz/Enjaz" ["achievement"] bonds will be offered in two denominations. The first denomination is for IQD500,000 with an annual interest of 6.5% for two years (paid semi-annually), and the second denomination is for IQD1.0 mn with an annual interest of 8.5% for four years (paid semi-annually). They will be available to the public from Apr. 15 to May 15, 2024.
• The head of the Iraqi Securities Commission (ISC), Faisal Al-Haimus, revealed on Wednesday that Iraq is in the process of launching the electronic signature, which is one of the requirements for new investment portfolios to enter the market. (Shafaq News)
• The ISC has approved the request of Ameen Al-Iraq Islamic Bank (BAME) to have a three-month extension period to add the new shares from the capital increase through a 20% rights issue to IQD300.0 bn starting from Mar. 30, 2024.
• The ISC approved the request of Ashour Hotel (HASH), Iraqi Agricultural Products (AIRP), AL- Kindi of Veterinary Vaccines Drugs (IKLV), and Al-Mansour Hotels (HMAN) for an additional extension period of 1 year to submit their 2023 annual financial statements.

Stocks that resumed / will resume trading:

• Original shares of National Bank of Iraq (BNOI) resumed trading on Apr. 14 after holding its AGM on Apr. 8 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33.3% bonus issue, decided to distribute IQD0.2 cash dividend per share, corresponding to a 5.6% dividend yield, and the opening of 7 branches during 2024.
• Ready Made Clothes (IRMC) resumed trading on Apr. 14 after holding its Annual General Meeting (AGM) on Mar. 28 in which they discussed and approved 2022 annual financial statements, electing four original and three alternative board members, and decided to distribute IQD0.0325 cash dividend per share, corresponding to a 0.8% dividend yield.
• Mamoura Real-estate Investment (SMRI) resumed trading on Apr. 14 after holding its AGM on Apr. 3 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.02 cash dividend per share, corresponding to a 0.3% dividend yield.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Arabia Islamic Bank (BAAI) starting Apr. 16 due to the AGM that will be held on Apr. 19 to discuss and approve cancelling the decision taken in the previous AGM (Oct. 6, 2023) related to increasing the paid-in capital from IQD250.0 bn to IQD300.0 bn through 20% rights issue.
• ISX suspended trading of National Company for Tourism Investment (HNTI) starting Apr. 16 due to the AGM that will be held on Apr. 21 to discuss and approve 2022 annual financial statements and dividend distribution.

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